Ripple (XRP) Technical Analysis: Attempting to Break Free of 400 SMA

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XRP bulls have returned in force over the past 48 hours, catapulting the asset almost 40% to its new YTD-high at $0.43. For the last 8 months the #3 cryptocurrency has been held in a downward trend against a strong resistance level (white line, see below), but after reaching maximum consolidation buyers were able to successfully break through during the Asian trading session at 02:00 (UTC+1) on May 14.

Right now XRP is continuing to lead the bull market, with a promising 14.7% gain against the US dollar. The 400 SMA (yellow line) is creating temporary resistance for the rising price action, but bullish momentum appears to be showing no signs of stopping on the daily chart.

Ripple (XRP) Price Analysis

On the 1D XRP/USD chart we can see that the asset has re-entered into its previous rally zone, which took place in December of last year. The 0.618 fibonacci level has rejected both tests so far at $0.45, but buying momentum on the RSI and MACD indicators suggest that XRP bulls are eyeing the $0.50 level above at the 0.786 fibonacci level.

The Parabolic SAR and Aroon indicators also support a continuation, with both signalling strong bullish sentiment.

If XRP bulls are able to successfully breach the 0.618 resistance during the intraday session, then it’s likely that we will see the asset extend its upside breakout towards the psychological $0.50 mark before the end of the week.

It’s also worth noting that if Ripple does manage to close above the 400 SMA, it will be the first time the asset has done so for over 11 months.

Ripple (XRP) Price Analysis

All ROIs are calculated from the asset’s current value at $0.43.

Price Target 1: 0.618 fibonacci level/ $0.45 (4.65%)
Price Target 2: 0.786 fibonacci level/ $0.50 (16.28%)

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